In its third enforcement motion this 12 months associated to the Securities and Trade Fee’s Regulation Finest Curiosity, the Monetary Trade Regulatory Authority has censured and fined a Lengthy Island broker-dealer agency.
Lengthy Island Monetary Group was ordered to pay a $35,000 effective for failing, since June 30, 2020, to determine, keep and implement written insurance policies and procedures moderately designed to realize compliance with Reg BI.
The agency has 5 registered reps and offers providers to retail clients, specializing in gross sales of equities, mutual funds and variable annuities, in line with FINRA’s order.
Since June 30, 2020, the agency additionally failed to arrange, file and ship its Buyer Relationship Abstract kind, often known as Kind CRS.
Because of this, LIFG violated FINRA Guidelines 3110 and 2010.